The Visakhapatnam division of Life Insurance Corporation is expecting over 55 per cent growth in group insurance premium collections during the current financial year as against last fiscal. The division collected Rs 272 crore by selling group insurance policies last fiscal and hopes to touch Rs 430 crore this year. This will also be a 30 per cent growth over the target, D Tandi, senior divisional manager told mediapersons here on Wednesday.
“LIC has given a target of Rs 330 crore premium collection from group insurance policies and up to December, the division collected Rs 398 crore. Hence, we are confident of touching the Rs 430-crore mark by the end of this fiscal,” he added.
The corporation is betting big on the employees of Visakhapatnam Steel Plant, Visakhapatnam port and other industries located in and around the city, he said.